Overview
- U.S. Central Command reported a twelfth consecutive night of strikes on Iranian military targets on Wednesday aimed at degrading weapons and drone sites that threaten commercial vessels.
- Iran's Revolutionary Guards declared the Strait of Hormuz effectively closed and Iranian leaders warned of 'eye for an eye' retaliation while Houthi forces in the Red Sea claimed strikes on Saudi tankers that forced some ships to turn back.
- Global oil benchmarks jumped to the mid-$90s per barrel as traders priced supply risk and the U.S. Strategic Petroleum Reserve fell to about 311.4 million barrels after more than 104 million barrels were withdrawn under a planned 172 million-barrel release.
- The U.S. is surging forces, medics and equipment to the region and Congress has approved extra war-related funding as casualties mount, with roughly 18 U.S. service members reported killed and Iranian officials reporting dozens of civilian deaths.
- Diplomatic mediation efforts have stalled and the fighting is already straining refineries, raising fuel and freight costs and increasing the chance of broader damage to civilian infrastructure and wider regional spillovers.